Gifting surplus income

GeorgeClare

Hello. I understand any surplus income (once all bills & living expenses are paid each month) can be gifted. (Therefore could exceed the £3000 annual allowance) 

What I’d like to know, if this can be a regular gift ie each month, and to the same people, and is there a maximum amount?
Also how do you prove this is surplus? Would it be showing bank statements? 

Thanks in advance 

Keep_pedalling

Regular monthly gifting is a good way to do it as it establishes a regular pattern of giving. It does not matter who the gifts are for.

You will never have to prove anything as you will be dead, it will be down to your executors to supply the information, so to make their task easier you need to keep good records of your I & E. Have a look at page 8 of form IHT 403 which will show what sort of breakdown they will need.

https://assets.publishing.service.gov.uk/media/5f60b44cd3bf7f7234487bf0/IHT403-05-20.pdf

Jeremy535897

See https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm14231 and the links in it.